3 reasons why Nuvama maintains a ‘Hold’ on UltraTech Cement despite strong Q2 results

Nuvama Institutional Equities maintains a ‘Hold’ rating on UltraTech Cement with a target price of Rs 13,982, indicating a potential upside of 13%. Despite steady operational performance and expansion plans, rising costs and near-term pressures limit immediate upside. Q2FY26 saw 7% volume growth and steady demand, but realisations were under pressure.